The ratings on the Province of Alberta reflect: The province's extremely low net tax-supported debt burden compared with that of similarly rated international peers. Alberta's net tax-supported debt as a share of GDP declined to 1.6% in fiscal 2006 (year ended March 31) and is expected to decline further to 1.3% of GDP by the end of fiscal 2007. The strong liquidity position afforded by the province's large Heritage Fund assets. The substantial fixed-income and equity holdings in Alberta's Heritage Fund, as well as other investments, afford the province its net creditor status. The province's continuing strong fiscal performances in the past six fiscal years, punctuated by better-than-expected surpluses in the past three fiscal years. The provincial government's conservative and
